2007-02-22 09:57:46 · 14 answers · asked by non_stopangel 4 in Business & Finance ➔ Credit
SCORE, SCORE, SCORE that's all I see in these questions. While a 702 score is good, it's not all about score. Your score is made up of the following:
1. Payment history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%
I have been the credit business for over 7-years now and I have seen people with 700 scores that could not qualify for a car loan because all that was on their credit was 1-credit card with a $500.00 balance paid 25-times as agreed and a couple of student loans.
When will people learn that score while important is not all there is?
2007-02-22 10:20:00 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Just let him keep doing what he is doing. A 702 score is a good score. Opening too many new accounts can effect his debt ratio which could cause his scores to drop. Don't pay his accounts off. Closing the accounts will hurt his credit. The way to raise his score is to keep his credit active and continue paying his payments on time every month. If he does this, he will go from a very good score to an excellent score. He's off to a good start establishing a good credit history.
2016-05-24 00:05:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well, your credit score is pretty good, 650 and below is bad, but 650 and above is great. If you want to get your credit score higher (higher the credit score the more money you save) than just pay you credit cards on time, and don't have too many credit cards, just have 1 or 2 not like a million.
2007-02-22 10:05:35 · answer #3 · answered by lilamngolfergirl95 1 · 0⤊ 1⤋
A 702 out of 850 is really good!!!
I am personally rocking a 791!!!
2007-02-22 10:02:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes! my credit score happens to be 720!just kidding repeating a commercial but yeh its good.
2007-02-22 10:35:20 · answer #5 · answered by wamzy 2 · 0⤊ 0⤋
Yes, it is a good score. However, don't obsess about your credit score. Live debt-free. Then you will be working for yourself, not for the bank.
It IS possible. See the books below. They are 2 of my absolute faves for knowing how to handle your financial life.
2007-02-22 10:02:50 · answer #6 · answered by Tom's Mom 4 · 0⤊ 2⤋
It's a good score. You go into a top tier rating at 740+.
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2007-02-22 10:00:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes that's great. Keep up the good work.
2007-02-22 12:56:35 · answer #8 · answered by Mariposa 7 · 0⤊ 0⤋
It's pretty good. National average is just about 675.
2007-02-22 10:00:38 · answer #9 · answered by zander1331 3 · 0⤊ 0⤋
You know that's an excellent score. No need to rub it in . . .
2007-02-22 09:59:59 · answer #10 · answered by JADE 6 · 0⤊ 1⤋